In this edition, Ari Redbord and Grant Schneider join ISMG editors to discuss the challenges ahead for the U.S. government as it plans to roll out EDR deployments at more than half of federal agencies this year, how stable the stablecoin economy really is and how to improve industry collaboration.
There has been a rise in crypto fraud, and a substantial portion of it can be attributed to stimulus funding and paycheck protection programs, says David Britton, vice president of strategy, global ID and fraud at Experian. He discusses new authentication methods and stricter regulations.
Criminals are doubling down on their use of information-stealing malware, such as Cryptobot, RedLine Stealer and QuilClipper, to steal private keys and siphon off cryptocurrency being stored in internet-connected hot wallets or to raid cryptocurrency holders' online exchange accounts.
In the latest update, four editors at Information Security Media Group discuss the intriguing insights exposed by the leak of ransomware gang Conti's internal communications, the U.S. Treasury's first-ever sanctions on a cryptocurrency mixer and the latest cyber activity in Russia's hybrid war.
The United Kingdom has announced two proposed pieces of legislation - the Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill - to regulate the digital assets industry and curb the use of virtual currency in illicit activity.
Virtual currency mixer Blender.io has been sanctioned by the U.S. for enabling North Korea to conduct "malicious cyber activities and money laundering of stolen virtual currency," the U.S. Treasury Department’s Office of Foreign Assets Control says in its first sanctioning of a currency mixer.
DeFi platform Fei Protocol has offered a $10 million "no questions asked" bounty to hackers in an attempt to recover some of the funds stolen from its recently merged DAO partner Rari Capital. Blockchain security firms BlockSec and CertiK say the amount of stolen funds totals about $80 million.
In this edition, four ISMG editors discuss important cybersecurity issues, including how virtual currency Monero is becoming the main alternative to Bitcoin as the crypto choice for criminals, the challenges involved in an identity-centric Zero Trust approach and how to influence change in culture.
Don't stockpile cryptocurrency in case your organization falls victim to ransomware-wielding attackers and opts to pay a ransom. This might seem obvious to anyone aware of the volatility in Bitcoin's value, but some organizations reportedly used to employ this incident response strategy.
Almost all ransomware-wielding attackers accept Bitcoin for ransom payments, but many prefer Monero, thanks to the privacy-preserving coin being tougher for law enforcement officials to track. But advanced intelligence efforts to try and unmask criminal users of both Bitcoin and Monero are ongoing.
The latest edition of the ISMG Security Report analyzes how the U.S. government is offering a reward of up to $5 million for information to help it disrupt the illicit flow of funds to North Korea. The report also examines approaches to enhance banks' cyber defenses and U.S. regulatory trends.
VMware's Tom Kellermann is out with Modern Bank Heists 5.0, his latest look at the attackers and attacks targeting financial services. Subtitled "The Escalation," this report looks at the increase in destructive attacks, ransomware and hits on cryptocurrency exchanges. Kellermann shares insights.
Decentralized credit-based stablecoin protocol Beanstalk was the victim of "a theft of about $76 million in non-Beanstalk user assets." The Ethereum-based protocol did not specify what those assets included, but blockchain security firm PeckShield says the total losses are likely $182 million.
Ronin Network, which powers the popular NFT game Axie Infinity, announced it had been the victim of a security breach that amounted to about $615 million in stolen funds. The company tweeted that the attacker's wallet had been connected to Binance and that an investigation is currently underway.
Last week, the U.S. Department of Justice said that law enforcement authorities had made "one of the largest cryptocurrency forfeiture actions ever filed by the United States," confiscating about $34 million worth of cryptocurrency "tied to illegal dark web activity." Here's how they made it happen.